MetaMask Could Be Building a Stablecoin With Payment Giant Stripe — Here’s What
Key Takeaways
- MetaMask is reportedly planning to launch a stablecoin with Stripe’s help.
- The governance proposal detailing the stablecoin has now been deleted.
- MetaMask joined the growing league of crypto and traditional firms looking to launch a stablecoin.
MetaMask is the latest major crypto player looking to enter the booming stablecoin market, and it may be doing so with a powerful partner: Stripe.
According to a now-deleted proposal , MetaMask is working on a USD-pegged stablecoin called MetaMask USD (mmUSD).
The token is reportedly being built using the M^0 protocol, with Stripe helping handle off-chain issuance and settlement.
While nothing has been officially confirmed, the details suggest MetaMask could soon offer its own highly liquid, ecosystem-native stablecoin — fully integrated across its wallet and services.
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MetaMask’s mmUSD: More Than Just Another Stablecoin?
The proposed mmUSD wouldn’t just be another digital dollar.
It’s designed to serve as a foundational piece of the MetaMask ecosystem, streamlining DeFi interactions, reducing volatility, and improving the user experience for altcoin transactions.
An Aug. 5 proposal to Aave recommended adding mmUSD to its v3 pools on both Ethereum (ETH) and Linea, aiming for deep DeFi liquidity from day one.
Though the proposal has since been removed, it offered the clearest view yet of MetaMask’s intentions and ambitions to compete with heavyweights like USDC, USDT, and DAI.
With over 30 million users, MetaMask’s entrance into the stablecoin arena could significantly shake up the landscape, especially if Stripe’s infrastructure brings added legitimacy and compliance to the rollout.
Everyone Wants In On Stablecoins
The GENIUS Act, passed last month, laid the groundwork for what’s quickly becoming a U.S. stablecoin gold rush. T
The new law provides a regulatory framework for compliant stablecoins, and firms are lining up to get involved.
Legacy financial institutions like JPMorgan, Citigroup, and Société Générale are already making moves, either applying for licenses or preparing to roll out their own products.
For MetaMask, launching mmUSD isn’t just a technical upgrade. It’s a strategic leap into an increasingly competitive space. A
And with Stripe’s reach and regulatory chops, the collaboration could help bridge the gap between Web3 and traditional finance faster than many expected.
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